Yearly inflation stood at 8.9 per cent in July in the euro area

Yearly inflation stood at 8.9 per cent in July in the euro area compared to 8.6 per cent in June and 8.1 per cent in May, data from Eurostat, the European Union (EU) statistical office, show.

The euro’s weakness had a spillover effect on other markets as well, with the sterling falling against the greenback to 1.1730 this morning, before gaining some ground to 1.1772, global newswires reported. The British pound is down about 13 per cent against the dollar since the year began.